Monthly Archives: <span>February 2022</span>

Insurtech Descartes Partners With Modeling Firm Reask to Expand Parametric Cover

Descartes Underwriting, the Paris-based parametric insurtech, has formed a partnership with Reask, the tropical-cyclone modeling firm. The partnership aims to expand the availability and advancement of parametric cyclone insurance products by combining Descartes’ ability to incorporate new technology into parametric …

AM Best: Ukraine Invasion to Likely Have ‘Substantial Impact’ on Insurance Industry

Russia’s invasion of Ukraine could add to inflationary pressures and will likely have a substantial impact on the global insurance industry, said AM Best. The rating agency Friday said efforts by the global central banks and the U.S. Federal Reserve …

Fire That Killed Dozens of Animals at Arkansas Petting Zoo Under Investigation

Dozens of animals including prairie dogs, lemurs and hedgehogs were killed when a fire broke out in a barn at an Arkansas petting zoo, according to a woman who volunteers at the zoo. At a news conference Feb. 25, Jennifer …

Ohio Supreme Court Hears Lawsuit Over Company’s COVID Losses

An Ohio business says its insurance company must compensate it for financial losses suffered during a pandemic-related shutdown. The insurance company refused to pay, saying its policy didn’t cover such losses. The Ohio Supreme Court heard arguments from both sides …

India Approves Up to 20% Foreign Direct Investment in Giant Insurer LIC: Source

India’s cabinet approved on Saturday a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said, a change aimed at easing the listing of the state-run insurer. India’s biggest …

People Moves: Bakofsky at Florida OIR, Gorman at North Carolina

Bakofsky Named Chief of Staff at Florida OIR Florida Insurance Commissioner David Altmaier announced that communications director Alexis Bakofsky has been elevated to chief of staff. Bakofsky joined the state Office of Insurance Regulation in 2019 and has also served …

St. Johns Insurance Insolvent, to be Liquidated, Florida DFS Reports

St. Johns Insurance Co., one of the larger property/casualty insurers based in Florida, is now insolvent and will soon be liquidated. The Florida Department of Financial Services posted a notice Friday that a judge in Leon County, Florida, had appointed …

People Moves: Surplus Line Association of California Names Beaver Board Chair, Gobler Vice Chair, Washington Secretary

The members of the Surplus Line Association of California elected Janet Beaver as chair of the SLA board. Eligible members of the SLA elected her via an electronic vote taken prior to the SLA’s virtual annual meeting on Feb. 8. …

New York State Ethics Commission Hit by Cyber Attack

ALBANY, N.Y. (AP)— New York’s ethics commission has shut down its online filing system as authorities investigate a “deliberate malicious cyberattack.” The Joint Commission on Public Ethics said late Friday that a forensic analysis confirmed the attack several days after …

Virginia School Board to Appeal Judge’s Ruling Blocking Elite School’s Admissions Policy

A federal judge ruled Friday that a Virginia school system illegally discriminated against Asian Americans when it overhauled the admissions policies at an elite public school. The ruling from U.S. District Judge Claude Hilton found that impermissible “racial balancing” was …